What is the purpose of the PPSR?
Retention of Title
Although there are a few exceptions to the items you can register under the Personal Property Securities law (such as land and buildings) most goods, and even family loans, can be registered. Bruce Pasetti is experienced in matters involving PPSR so we asked him to answer the questions. Prefer to watch our video?
What is a Personal Property Securities Register search?
Before buying a significant asset or extending credit, visit ppsr.gov.au and initiate a search against the asset to find out if another entity or person, for example a lender has claim over the asset.
How much is the Property Securities Register fee?
The Property Securities Register search cost is low, currently ranging between $2 and $7 depending on how the search is lodged. Here’s where you can find the full list of current PPSR fees.
How does the PPSR Work?
The Personal Property Securities Register (PPSR) records information about security claims and money owing on goods – such as electrical goods, consignments of goods, even items of personal property. So for example, if a car you’re buying has a loan attached to it, you can find out by running a search on the register.
You can also register your own claim over an item you’re owed money for. The register aims to protect consumers from having goods they’ve paid for repossessed. Open ended registrations (i.e. with no time limit) currently cost $115.
What does a Property Securities Register search show?
Who the security belongs to, what the security is and when the security was acquired. Documentation relating to the security is not included in the search.
Why should I lodge a Property Securities Register search?
Because it is a vital credit and collection tool. And when you know what you are doing it only costs a few dollars to register your security interest. Best practice is to lodge as soon as you process a credit application – CreditorWatch have great automation tools for this. Bruce points out that by taking out security, you can recover goods, get paid in priority, and avoid preferences.
What happens if I make a mistake with a Property Securities Register search?
Unfortunately, it’s an unforgiving process, so you must take the time to get it right – near enough is usually not good enough. In these circumstances it’s often worthwhile getting professional help.Bruce Pasetti is a Solicitor with over 20 years legal experience who can provide that help. You can Email Bruce directly or call us by clicking below.
Registering with the Personal Property Securities Register
Lots of people don’t know much about this central record which holds information about ‘security claims’ and money owing on goods. These include electrical goods, consignments of goods, vehicles, even items of personal property.Although you can’t register everything (land and buildings for example) most goods, and even family loans, can be registered. Solver Bruce Pasetti is experienced in matters involving PPSR – watch this video to find out how it can help you.
Things to keep in mind when registering an interest
- Before buying a significant item or extending credit to a client, visit www.ppsr.gov.au and search against the asset to find out if another lender has a claim on the asset.
- Searches are cheap, currently ranging between $2 and $7 depending on how the search is lodged.
- You can also register your own claim over an item you’re owed money for. The trick is though, that you need to get it right.
- As the video shows, you need to be accurate and thorough; an imperfect registration can fail. So it pays to get advice from the expert Bruce Pasetti